Category: Business

US stocks open higher following upbeat labor report, but close down

US stocks open higher following upbeat labor market data; Dow gains 45 points, S&P up 7 points The report on initial weekly jobless claims showed a bigger-than-expected drop, so that’s encouraging. Here are the numbers on the day for the major indexes down about 1/2 a percentage point Dow 16,368 -75 0.46% Nasdaq 4,335 -20…

Big Bang Theory Cast Reach Deal, Set To Earn $1 Million Per 20 Minutes

Big Bang Theory Cast Reach Deal, Set To Earn $1 Million Per 20 Minutes Of Television TV sitcom “The Big Bang Theory” is back on track after lead actors Jim Parsons, Johnny Galecki, and Kaley Cuoco signed a deal reportedly making them the highest paid actors on US television. Production was delayed on the new…

Netflix, AT&T sign interconnection deal

AT&T is the latest company to sign a deal with Netflix to ensure streaming videos get to consumers with lagging or delay. Earlier this year, Netflix had signed interconnection deals with Comcast and Verizon amid controversial negotiations that are the subject of an ongoing probe by the Federal Communications Commission. Photo: CEO of Netflix Reed…

GM profit 2Q falls 85 pct. on recall costs

Recall costs chopped $1.5 billion from General Motors’ bottom line in the second quarter, cutting its net income by 85 percent. The automaker, which is in the midst of the worst recall crisis in its history, posted a net profit of $190 million, or 11 cents per share. A year ago GM made $1.26 billion,…

StubHub victim of international cyber fraud ring

eBay’s online ticket resale service StubHub announced late Tuesday that it was the victim of a massive international cyber fraud ring. The company’s head of global communications said his firm had been working with law enforcement around the world for the last year on the case, which authorities plan to disclose details of on Wednesday…

Coca-Cola reports 2nd-quarter earnings per share of $0.64

Coca-Cola reported quarterly earnings that beat analysts’ expectations on Tuesday. The company announced second-quarter earnings excluding items of 64 cents per share, up from 63 cents a share in the second quarter of 2013. Revenue slipped to $12.57 billion from $12.75 billion a year ago. Analysts had expected Coca-Cola to post earnings of 63 cents…

Apple: Buy or Sell ahead of tomorrows earning report?

Tech investors last week discovered business at Intel and IBM isn’t as slow as some feared, that Google’s plan for Internet domination is still humming along and that Yahoo’s core business — minus cash and its Alibaba stake — is probably only worth about $3 or $4 a share. This week, they’ll find out whether…

Microsoft To Cut 18,000 Jobs, About 14% Of Its Staff

CEO Satya Nadella says in an email to employees that it was a “difficult” decision, but says changes will lead to “more productive, impactful teams across Microsoft.” A week after writing a 3,100 word company-wide memo on Microsoft’s “bold ambition and our core focus,” the company’s chief executive officer wrote another, shorter memo to his…

U.S. Economy Added 281,000 Private-Sector Jobs in June

ADP NATIONAL EMPLOYMENT REPORT: PRIVATE SECTOR EMPLOYMENT INCREASED BY 281,000 JOBS IN JUNE Private sector employment increased by 281,000 jobs from May to June according to the June ADP National Employment Report®. Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by ADP®, a leading global provider…

Watch the Google I/O 2014: New Android Lollipop, Google Cloud

Google I/O 2014: New Android Lollipop Launched Android is being updated after 8 months – From Android 4.4 (KitKat) with Android ‘L’. Google’s latest Android “L” update is called Lollipop, keeping with the company’s confectionary-based alphabetical naming convention (Cupcake, Donut, Éclair, Gingerbread, Honeycomb, Ice Cream Sandwich, Jelly Bean, KitKat).

Supreme Court Decided Aero/Internet Broadcasting Is Infringing The Law

Aereo, the startup that threatened to upend traditional television broadcasting by capturing over-the-air TV signals and streaming them on the Internet, has been dealt a crushing defeat by the Supreme Court after justices ruled 6 to 3 that the online television service violated copyrights by streaming broadcast channels to customers. The decision is a victory…

Whole Foods stores penalized for overcharging customers

Whole Foods will pay about $800,000 in penalties and fees after a judge found that stores were overcharging customers in Southern California. The case concerns stores in San Diego, Santa Monica and Los Angeles. The lawsuit accused the chain of charging more at the time of checkout, compared to what was advertised in the store,…

Google & Microsoft join Apple adopting a smartphone ‘kill switch’

Following Apple [AAPL], Google [GOOG] & Microsoft [MSFT] will add “kill switches” to their smartphones. This measure that has apparently led to a sharp drop in thefts of iPhones. “This is very significant and validates everything we have been trying to do legislatively in Sacramento this past year,” said State Sen. Mark Leno, D-San Francisco,…

American Apparel Dismisses CEO Dov Charney for Misconduct

American Apparel Inc. (APP) replaced its chief executive officer, Dov Charney, who has faced accusations of sexual harassment, after an investigation into misconduct at the casual clothing maker he created. The board named Chief Financial Officer John Luttrell, a former executive with retailers Old Navy Inc., Wet Seal Inc. and Cost Plus Inc., as its…

Amazon Unveils Its 1st Smartphone

Amazon unveiled its first smartphone today, the Fire Phone. The 4.7-inch phone has “dynamic perspective,” which creates a hologram-like effect on images, CEO Jeff Bezos announced. The Fire Phone will also have free unlimited photo storage on the company’s cloud service and will start at $199 with an AT&T contract. Photo: Amazon CEO announces the…

GM Recalls Another 3 Million Cars With Ignition Switch Defect

General Motors is recalling another 3.16 million cars because of a defect that causes a similar problem to one that led to an earlier massive recall of small cars, and is linked to 13 deaths. The ignition switches in Chevrolet Impalas, Cadillac Devilles and five other models can slip out of the “run” position if…

First commercial drone flights over land are approved by FAA

First commercial drone flights over land are approved by FAA The Federal Aviation Administration said Tuesday that it has granted the first permission for commercial drone flights over land, the latest effort by the agency to show that it is loosening restrictions on commercial uses of the unmanned aircraft. Drone-maker AeroVironment of Monrovia, Calif., and…

Time Warner May Buy Vice for $2.2B

Time Warner is in talks to buy a major stake of Vice for roughly $2.2 billion, and is apparently considering injecting its HLN news into Vice in exchange for about half of the company. Vice now operates an ad agency, a record label, and a TV show, along with its news operation. “I want us…

Sterling rejects Clippers sale, will sue NBA for $1 billion

Los Angeles Clippers owner Donald Sterling has pulled his support from a deal to sell the team to former Microsoft CEO Steve Ballmer and will pursue his $1 billion federal lawsuit against the NBA, his attorney said Monday. “We have been instructed to prosecute the lawsuit,” said attorney Maxwell Blecher. He said co-owner Donald Sterling…

Apple Stock Split, Shares Open At $92.69

The Apple stock split has taken place, with shares in the iPhone giant being split 7 for 1, and the opening share price of Apple’s shares was $92.69, when trading began on the NASDAQ. Apple shares just became more affordable, and each of their existing shareholders gets 6 additional shares per share in the new…

Payroll employment rises by 217,000 in May – Thanks Obama!

Payroll employment rises by 217,000 in May; unemployment rate unchanged at 6.3% THE EMPLOYMENT SITUATION — MAY 2014 Total nonfarm payroll employment rose by 217,000 in May, and the unemployment rate was unchanged at 6.3 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in professional and business services, health care and social…